As Ethereum (ETH) continues to slowly turn crucial resistance levels into support, some analysts consider that the King of altcoins could be running out of time for a new all-time high (ATH) this cycle.
Ethereum Closes April In Red
Over the past week, Ethereum has attempted to reclaim the $1,800 mark, hovering between the $1,770-$1,820 price range. In the past 24 hours, the cryptocurrency has seen a 5.5% jump, breaking above the key resistance and last week’s high of $1,850.
Amid this price action, ETH retested the $1,860-$1,870 range for the first time in one month, closing April just 1.56% below its opening price. Nonetheless, Ethereum’s negative monthly close marked the fifth consecutive month in the red for the cryptocurrency.
The King of Altcoins has been recording monthly negative returns since December, its worst-performing streak since 2018, and closed the first quarter of 2025 with a 45.4% retracement.
Analyst Carl Runefelt noted this performance, highlighting that historically, May has proven to be the most positive month of the year for ETH, with an average increase of 27.31% during this period.
Furthermore, the second quarter has been a generally favorable period for the cryptocurrency, with Q2 concluding in the green seven out of nine times. Despite its negative April close, Ethereum recorded a mild 2.15% positive return this quarter so far, which could suggest that the cryptocurrency may continue its current performance if history holds.
Another market commentator suggested that ETH’s price action shows parallels to Bitcoin’s (BTC) 2020 rally, where BTC consolidated at $8K, which many overlooked before it surged to $64K. Merlijn The Trader remarked, “Ethereum is showing the exact same structure: Accumulation, Compression, Explosion loading.” However, this implies that another pullback may occur before reaching a new ATH.
ETH To Skip ATH Rally This Cycle?
Conversely, analyst Crypto Bullet offered a more cautious macro perspective, suggesting that Ethereum’s mid-term correction is concluded after breaching the August-October 2023 lows, creating a “giant reversal candle” and maintaining the mid-line of a multi-year descending channel.
Based on this analysis, he posits that ETH’s bottom is in, and a significant mid-term bounce could occur over the next few months, targeting $2,500. However, he cautioned that this surge might be a mere Dead Cat bounce or the onset of a new ATH rally, with the potential for the former due to the cryptocurrency’s lackluster performance and the advanced state of the current cycle.
Should this be the case, Ethereum could face resistance around the $2,700-$3,000 range. A bullish rally might commence if it successfully breaks through the $3,000 resistance and exits the multi-year channel.
He also indicated that Ethereum might be experiencing a “larger cycle than we all think,” with the possibility of being “one cycle behind” other cryptocurrencies. In a previous analysis, Crypto Bullet questioned whether ETH’s cycle top is reached, proposing that it might create a substantial accumulation structure—either a triangle or a zigzag—before breaking out, possibly as far out as 2028. He concluded that this would allow investors to gather energy for a breakout, with substantially higher targets in sight.
